{"product_id":"9781137341273","title":"Great Minds in Finance: Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen, Meckling","description":"\u003ch1\u003eGreat Minds in Finance: Williams, Modigliani, Miller, Coase, Williamson, Alchian, Demsetz, Jensen, Meckling\u003c\/h1\u003e \u003ch2\u003eRead, C.\u003c\/h2\u003e \u003cp\u003e\u003ci\u003eThe Corporate Financiers\u003c\/i\u003e is the fifth book in a\nseries of discussions about the great minds in the history and theory of\nfinance. While the series addresses the contributions of scholars in our\nunderstanding of modern finance, this volume presents the ways in which a\ncorporation creates value.\u003cbr\u003e\n\u003cbr\u003e\nMore\nthan two centuries ago, Adam Smith explained the concept of division of labor\nand the efficiencies of specialization as the mechanism in which a firm creates\nvalue. However, corporations now find themselves outsourcing some processes to\nother firms as an alternative way to create value. There must be other economic\nforces at work than simply the internal efficiencies of a firm. We begin by\ndescribing the work of a rather obscure scholar named John Burr Williams who demonstrated\nin 1938 how the earnings of a firm are capitalized into corporate value through\nits stock price. We then delve into the inner workings of the modern\ncorporation by describing the contributions of Nobel Memorial Prize winners\nRonald Coase and Oliver Williamson. More than any others, these scholars\ncreated a renewed appreciation for our understanding of the institutional\ndetail of the modern corporation in reducing costs and increasing efficiency.\u003cbr\u003e\n\u003cbr\u003e\nWhile\nCoase and Williamson provided meaningful descriptions of the advantage of a\ncorporation, they did not offer prescriptions for the avenues the corporation\ncan create more value in an era when new technologies make outsourcing and\ntelecommuting increasingly possible. Michael Jensen and William Meckling\ndescribe in greater detail the nature of the implicit contracts a corporation\nemploys, and recommend remedies to various problems that arise when the goals\nof the corporation are not aligned with the incentives of its agents. We also\ndescribe the further nuances to these relationships as offered by Armen Alchian\nand Harold Demsetz. We treat the lives of these extraordinary individuals who\nlooked at a very familiar problem in a sufficiently novel light to change the\nway all look at corporations ever since. That is the test of genius.\u003c\/p\u003e \u003ch3\u003eDetails\u003c\/h3\u003e \u003cp\u003ePublished by: Palgrave Macmillan\u003c\/p\u003e \u003cp\u003ePublication Date: 2014-11-21\u003c\/p\u003e \u003cp\u003eFormat: Hardcover\u003c\/p\u003e \u003cp\u003eISBN-13: 9781137341273\u003c\/p\u003e \u003cp\u003eDOI: 10.1057\/9781137341280\u003c\/p\u003e \u003cp\u003eDimensions: 216cm x140cm\u003c\/p\u003e \u003cp\u003ePages: 230\u003c\/p\u003e ","brand":"Palgrave Macmillan UK","offers":[{"title":"Default Title","offer_id":45383588020364,"sku":"9781137341273","price":98.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0710\/9545\/1788\/files\/9781137341273.jpg?v=1776695507","url":"https:\/\/fh90cf-fv.myshopify.com\/products\/9781137341273","provider":"Late Knight Books and Services, LLC","version":"1.0","type":"link"}